Abgenix, Inc. (ABGX) Message Board

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Biotech / Medical : Abgenix, Inc. (ABGX)

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From: mopgcw	10/20/2005 10:46:57 AM
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GS: ABGX (IL/N)/AMGN(OP/N)/IMCL(OP/N): Pivotal panitumumab data now expected by mid-Nov Amgen indicated on its Q3 call that results from the pivotal panitumumab colorectal cancer study are expected by mid-Nov., not Oct., as the external central review process has just been completed. Separately, Amgen indicated that interim results from ongoing Phase II studies were supportive, with a 10% response rate, consistent with prior studies. We do not regard the slight delay as meaningful. As detailed in our 10/13 note, we expect ABGX shares to be volatile on the data (+/- around 30% or more). We expect impact to AMGN should be limited to 5%, based on the modest ($300M) potential for 3rd line and EPS contribution ($0.02 EPS per $100M). We estimate that the potential for positive data has largely been reflected for IMCL, and estimate downside risk might be 5-10% and upside potential could be 15-20%. We maintain estimates and ratings (OP/N) for AMGN & IMCL and (IL/N) for Abgenix. Each of the analysts named below hereby certifies

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